The ordinary trust company with which city people are familiar is very similar in its management to a national bank. They invest their deposits and capital in the same class of securities, and they are equally careful and conservative in the matter of their loans. They receive money on deposit subject to checks and allow interest on deposits which exceed a nominal sum - usually from $300 to $1,000. They are organized under and are subject to state laws. They have connection with the clearing-houses either direct or through some convenient national bank.

Trust companies are in form of organization very similiar to the great joint-stock banks of England. They are usually authorized to receive and hold moneys and property in trust and on deposit from courts of law or equity, executors, administrators, assignees, guardians, trustees, corporations, and individuals, and may be appointed by probate courts trustees under any will, upon such terms and conditions as may be agreed upon. They act as trustees for widows or children, take charge of and manage property, and collect interest and rent. They act as transfer agents for railroad and other stock, and as agents for the purpose of issuing, registering, or countersigning the certificates of stock, bonds, or other evidences of debt, and for the payment of dividends. They act as agents or attorneys for the care and management of invested property.